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María Olivia
Maria is a driven and active 53 year old woman who has overcome great challenges with tenacity, effort, dedication, and motivation from her children. She has been head of household since she separated from her husband, and since then has worked tirelessly to get ahead. She started her own business about 20 years ago, in partnership with a friend. It was a variety store where she offers things such as men’s and women’s clothing, cell phone accessories, toys, personal products, and other things. She works daily from 8:00 am to 8:00 pm and generates income to support her children and pay for their university studies.

She is asking for her fourth loan so she can buy merchandise in quantity (toys, clothing, Christmas decorations, and other things), and in this way be able to offer her customers a greater variety of products and increase her sales, especially during the approaching year’s end. She will be able to increase her profits with every sale. This will help Maria to get ahead and meet her main goal of opening another store in a nearby town, in order to increase her profits and have financial stability that will allow her to continue supporting her children and be able to enjoy a better quality of life and wellbeing.
View original language description ↓
María es una mujer pujante y activa de 53 años de edad, a la que la vida le ha puesto grandes desafíos que con tenacidad, empeño y dedicación ha sobrepasado gracias a la motivación de sus dos hijos. Es madre cabeza de hogar desde que se separó de su esposo y, desde entonces ha luchado incansablemente para sacarlos adelante. Hace aproximadamente 20 años inició su propio negocio en sociedad con una amiga, un almacén de variedades en el que ofrece artículos como ropa para dama y caballero, accesorios para celulares, juguetes, productos de aseo personal, entre otros, trabaja todos los días de 8:00 am a 8:00 pm y, de esta manera genera los recursos para su sustento y para apoyar económicamente a sus hijos con el pago de los estudios universitarios. Actualmente solicita su cuarto ciclo crediticio con el que desea comprar mercancía al por mayor (juguetería, ropa, artículos de decoración de navidad, entre otros), de esta manera tendrá la posibilidad de ofrecer más variedad de productos a sus clientes y así mejorar las ventas, especialmente en la temporada de fin de año que se aproxima, permitiendo aumentar el margen de utilidades que recibe por cada venta. Esto le ayudará a María a seguir avanzando para llegar a cumplir su principal sueño de montar otro almacén en un pueblo cercano a su lugar de residencia, para mejorar la rentabilidad y lograr una estabilidad económica que le permita seguir apoyando a sus hijos en sus proyectos y poder disfrutar de una mejor calidad de vida y bienestar.

Additional Information

More information about this loan


By funding this loan, you are promoting entrepreneurship in remote regions, including areas recovering from guerilla warfare in Colombia, and helping to reverse the rural exodus which occurred in the past decades when a the rural population fled their countryside homes for the safer cities.

This Kiva loan was created by Kiva's field partner Interactuar specifically for Kiva funding, in an effort to reach more borrowers in rural areas. Most of the Interactuar's lending operations are focused in urban parts of Medellin. But this loan product is designed to provide working capital to riskier agricultural businesses who have been traditionally excluded from the finance sector.

Important Information

This loan is structured on Kiva as a bullet loan, which means a single payment is required at the end of the loan term. By Colombian law, Kiva's partner Interactuar is required to offer borrowers loans with a variable interest rate that fluctuates with the market rate. Because fixed monthly payments are applied first to interest and then to principal, Interactuar is unable to predict upfront what portion of each repayment would go towards the loan principal. This creates a challenge with Kiva's system, which doesn't allow for unpredictable principal payments, and can result in some Interactuar clients appearing falsely delinquent. To remedy this, the loan has an end-of-term repayment plan on Kiva, but the borrower will continue scheduled monthly repayments to Interactuar, who will then pass along the principal amount to Kiva lenders. This means that you may see repayments made on this loan throughout the repayment term, as opposed to receiving repayment in full at the end of the loan term.

Tags

About Colombia

  • $6,070
    Average annual income
  • 140
    View loans »
    Colombia Loans Fundraising
  • $12,790,500
    Funds lent in using Kiva
  • 1,917.3
    Colombia Pesos (COP) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $1,625 helped María Olivia to stock her store.
53% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 17, 2013
Listed
Nov 24, 2013
Currency Exchange Loss:
Possible